U.S. stock futures head lower on danger signs of borrowing costs from Europe

Alcoa Inc. will kick of the U.S. earnings season with its second-quarter results.

Posted: July 9, 2012 - 7:59am

ASSOCIATED PRESS

NEW YORK — Stock futures are falling on the eve of the U.S. earnings season with more signs of instability coming out of Europe.

Dow Jones industrial average futures are down 56 points to 12,692. Standard & Poor’s 500 futures are down 3.7 points to 1,348.10 and Nasdaq futures have given up 2.25 points to hit 2,606.75.

The need for European financial leaders, who are gathering in Brussels, to hash out a bailout plan for Spain grew more urgent today as borrowing costs for the country hit extraordinarily dangerous levels.

The interest rate, or yield, on the Spain’s 10-year bonds rose to 7 percent, a level at which Greece, Ireland and Portugal sought international bailouts.

After trading closes today, Alcoa Inc. kicks of the U.S. earnings season with its second-quarter results.

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If we dont stop the overspending by our govt, we are next. We have a spending problem in this country, with trillion dollar deficits. We need to clean out the govt, and replace them with true constitutionalists.